This submission is made by the New Zealand Business Roundtable (NZBR), an organisation comprising primarily chief executives of major New Zealand business firms. The purpose of the NZBR is to contribute to the development of sound public policies that reflect overall New Zealand interests. Because of the size of its member companies, few of them have a direct interest in Unlisted. We do, however, have a strong interest in New Zealand’s capital markets and regulatory policies affecting them.